Guide For Buyers & Sellers (Texas Real Estate Commission)
Information For Home Buyers
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Home Buying, A Step
By Step Guide
specific way you progress through a real estate transaction varies
depending on the real estate laws and customs where you live, but
there are many steps that are standard, even though they might not
be accomplished in the same order in every location.
feel more confident about your home buying journey when you
understand what is required of you and every other person who is
involved in the transaction. Use this guide to get started.
1, Get Your Finances in Order
credit reports are an ongoing look at how you manage your finances.
You must know exactly what your credit reports say about your
financial history before you apply for a home loan. Why?
Because they play an important role in the mortgage approval process
and in determining the interest rate and other loan terms that a
lender offers you.
you haven't looked at your credit reports, you might be surprised at
their contents, because errors are common.
2, Get Familiar with the Mortgage Industry
Finding the right loan
and lender is crucial to your home buying success. It's up to you to
determine which lender is best for your needs, and it's always a
good idea to have at least a bit of background about the loan
process before you talk to a lender.
Step 3, Get Pre-Approved for a Mortgage
Do you know how much
house you can afford? Probably not, unless you've talked with a
Consider this scenario.
A home seller gets two similar offers. One is accompanied by a
letter from the buyer's bank that states she is pre-approved for a
mortgage in the amount of the offer. The other has no supporting
documents. Which offer do you think will considered first?
4, Determine Your Wants and Needs
Buying a house isn't as
difficult as you might think, even if you're short on funds, but the
process will go a lot smoother if you get familiar with your real
estate market and narrow down your wants and needs before you start
looking at homes.
Step 5, Learn to Work with Real Estate
Real estate agents
represent buyers, sellers, or both--and in some states they can work
as neutral facilitators for either party. It's essential to
understand agent duties and loyalties before you make that first
6, Start Searching for a Home
as your agent
I will give
you multiple listing sheets to study. I'm sure you'll also pick up
house for sale magazines and read classified ads in your local
newspaper. You'll probably spend time surfing the Internet for
homes. You might even plan afternoon drives to preview
neighborhoods. Those are all excellent ways to see what's available.
Step 7, Handle Pre-Offer Tasks
Deciding whether or not
you want to buy a house involves a look at its structure and its
features, but there are many other topics that are every bit as
important to your purchase. Prepare yourself for the opportunity,
when you find the right home, get it!.
Step 8, Make an Offer
There's no one set of
instructions that can cover the differences in real estate laws
and customs, ask a real estate professional. The
mechanics of making an offer and its specific contingencies depend
greatly on your particular situation. However, there are some tips that
I as your Realtor® can help
you fine-tune so your offer is accepted.
Step 9, Home Inspections and Other Tests
In our area, home
inspections take place after an offer is finalized. No
matter when you do them, it's critical to seek your agent's advice
to decide which inspections
and tests you want to perform.
Talk with your real
estate agent or other advisor to find out when inspections should be
scheduled and if additional types of testing are important for your
Step 10, Avoiding and Correcting Last
As your closing date
nears, everyone involved in your real estate transaction should
check its progress on a daily basis, because staying on top of
things means you'll know immediately if there's a problem that must
be dealt with. It is extremely important to stay aware of any problems that
you as a home buyer must deal with before you close on
Step 11, You're on the Way to Closing
Most of the problems
are behind you now and you're on your way to closing, also called
settlement, the event that transfers ownership of the property to
you. Just a few more things to learn, a few more things to do, and
To start searching for your
dream home, tell me what features you want in your new home Contact
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